15 May 2008
The London Stock Exchange is delighted to welcome Mortice Limited to AIM.
Mortice Limited is a security and facilities management company based in India which operates through its subsidiaries Tenon Property Services and Peregrine Guarding.
Established thirteen years ago, Peregrine provides security services to a client base of over 450 customers and has a pan-India presence for the provision of manned guarding operations in 51 locations in 19 out of the 28 Indian states. The company’s clients are in a wide range of business sectors including information technology enabled services, telecoms, manufacturing, pharmaceutical, banking and healthcare.
Mortice has raised a total of £5 million through a placing at 65p giving a market capitalisation of approximately £31million.
Commenting on the admission to AIM, Major Manjit Rajain, Executive Chairman of Mortice said:
“Since starting the company thirteen years ago we have enjoyed an unbroken record of growth, and have created one of the most successful security companies in India and a platform from which to continue to grow our facilities management business.
We see no reason why this level of growth should not continue and are excited to be joining AIM which will allow us to accelerate this further and to expand our services both in terms of geography and in the range of services we offer”
Jermyn Capital Partners PLC is the Nominated Broker and Grant Thornton Corporate Finance is the Nominated Adviser to the company.